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A pyramid scheme promising cheap iPhones in Iran’s volatile market was able to raise about $35 million in a few months.
Tehran, Iran – At least one person has been arrested and more wanted in connection with a company that swindled tens of millions of dollars by promising cheap iPhones after iPhone sales were banned in Iran.
The Iranian law enforcement department responsible for economic crimes said on Friday that the main suspect in the case of a company called the Kourosh Company has fled the country, but that one “key member” of the company has been arrested and two more have been named. It was announced that he was wanted.
The newspaper said it was working with law enforcement authorities to “confiscate all assets of the main suspect in the case,” but did not reveal the value of the assets.
Starting last year, Iran banned the official registration of all new iPhone models manufactured by US tech giant Apple. The ban was extended this year, affecting all iPhone 15 models.
All mobile phones imported into Iran must be registered upon entry, even if they belong to tourists. Otherwise, they will be considered contraband and he will only have network coverage with his local SIM card for one month.
All new iPhone 14 and 15 devices are smuggled into Iran and can be easily found in stores in Tehran and across the country, but the ban has caused chaos.
People have found temporary workarounds to get around the ban through spoofing methods, but your phone may still get disconnected after a while.
chaotic market
The ban created a black market where new phones were sold at exorbitant prices, raising the cost of purchasing the iPhone 13, Apple’s last officially available phone, to levels several times higher than in the international market.
A base-level iPhone 13 Pro registered in Iran, a phone that Apple hasn’t sold since the new handset was launched, hit a Tehran store on Sunday for an eye-watering 1.3 billion rials (at current open market rates). It was traded for about $2,300.
Repackaged and refurbished versions of the same phone can be purchased for approximately 650 million rials ($1,150). The phone can be purchased in markets outside Iran for less than $800.
Part of the price increase in Iran is due to large registration fees paid to the government. Additionally, major manufacturers like Apple have no authorized vendors in Iran, as tough U.S. sanctions have isolated the country from global markets.
Local sellers also regularly change prices due to fluctuations in foreign exchange rates, and the overall situation has put many mobile phones out of reach for most Iranians.
Officials say they need to ban the iPhone because importing it at a time when Iran needs it most would waste precious foreign currency, but not other non-U.S. cellphones. Not yet.
Samsung’s top flagship product was registered and made available in Iran in early February, less than 48 hours after its international launch.
Promise of immediate cash
This setup is a prime opportunity for scammers like the Kourosh Company to extort money from unsuspecting customers and those looking to make a quick profit in Iran’s sluggish economy, which is characterized by consistently high inflation. provide an opportunity.
The company initially billed itself as Iran’s “largest mobile phone repair company,” but offered iPhones at a steep discount of less than 200 million rials (approximately 36,000 yen) on the condition that the phones would be delivered within a few weeks. They told customers they would sell it.
It is unclear whether the cheap phones were delivered, but the state-run Tasnim news website on Saturday said the man running the operation, identified as 27-year-old Amirhossein Sharifian, had fled to neighboring Turkey. It has been reported.
The company reportedly collected around 20 trillion rials ($35 million) within a few months.
It remains unclear how the company was able to grow so quickly, especially given that Mr. Tasnim also said Mr. Sharifian evaded mandatory military conscription, which is why he was unable to register the company in the first place. It shouldn’t have happened.
Kourosh was primarily supported by an extensive public and online advertising campaign launched featuring a number of Iranian celebrities, from top soccer players to actors and influencers.
Dozens of people, including national soccer team goalkeeper Alireza Beiranvand and actor Akbar Abdi, have recorded personal messages at the Kourosh offices, genuinely encouraging people to seize this once-in-a-lifetime opportunity. He was included among Iranian celebrities.
Most celebrities have remained silent since the company went bankrupt earlier this week, with some apologizing and others opening up and saying it’s not their fault people made this choice. ing.
On Friday, state media reported that Hossein Rahimi, a senior police official, said: “Unfortunately, during the activities of this company, some well-known public figures have advertised, and these charges will also be investigated.” He was reported to have said.
He gave no details about next steps or the names of suspects, but said those who lost money may file a complaint with police.
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